Gold and silver prices today edged higher in Indian markets, following the uptick in global rates. On MCX, gold futures were up 0.4 per cent to Rs 49,049 per 10 gram while silver rose 0.7 per cent to Rs 72622 per kg. In the previous session, gold had risen 0.62 per cent while silver had gained 0.51 per cent. Concerns about inflation, subdued US bond yields and US dollar, and renewed coronavirus surge in many parts of the world has helped gold rebound in international markets.

On the other hand, weighing on price are concerns about India’s consumer demand as virus related restrictions impacts domestic activity, says Kotak Securities.

In March, gold prices in India had hit a near year low of about Rs 44,000 per 10 gram. Despite the recent recovery in prices, gold rates are still down significantly from last year’s high of Rs 56,200.

In international markets, gold edged past key $1900 levels, supported by a weak dollar, making gold cheaper for other currency holders. Also supporting the precious metal was subdued US bond yields, reducing the opportunity cost of holding non-interest bearing gold. The dollar index was near 4-month low of 89.605 while benchmark US Treasury yields were near two-week low of 1.57 per cent.

Gold added 0.4 per cent to $1,906.16 an ounce while silver was steady at $27.99 and platinum gained 0.8 per cent to $1,200.69.

“While gold prices stay above $1890 there are chances to continue the recovery upticks for the day. Anyhow, immediate intraday resistance is placed at $1925. A direct drop below $1845 would weaken the sentiment, but major downside reversal point is seen at $1810,” domestic brokerage Geojit said in a note.